Lhasa Apso Lounge Chair Distributing issued $750 million worth of 50-year bonds nineteen years ago. Each bond has a $1,000 par value (it sold initially for $1,000 and will return $1,000 at maturity) and a 4.6% annual coupon interest rate, but with interest paid every six months – so be sure to compute semiannually, and include enough decimal places for accuracy! If the expected yield to maturity is 4.6529%, then at what price would we expect each of these semiannual-interest-payment bonds to sell?
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